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Symetrical triangle after sharp drop... means continuation?
In a couple or dozen hours we will most likely have a market decision.
Symmetrical triangle are known for beeing generally continuation pattern after a sharp drop like this. Otherwise it's a consolidation... for a range/upward move. If we apply the AB=CD on that last move. We are eyeing a new low post december bubble burst ($320) who could be a strong support afterwhile.
My take is short <2400 CNY, Close AND then LONG 1980 CNY for a drastic move upward (+15%) if you got filled.
Place your short, ask, bids and fireworks according to.
edit: syMMetrical
Symmetrical triangle are known for beeing generally continuation pattern after a sharp drop like this. Otherwise it's a consolidation... for a range/upward move. If we apply the AB=CD on that last move. We are eyeing a new low post december bubble burst ($320) who could be a strong support afterwhile.
My take is short <2400 CNY, Close AND then LONG 1980 CNY for a drastic move upward (+15%) if you got filled.
Place your short, ask, bids and fireworks according to.
edit: syMMetrical
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